Vietnam: VinaCapital offloads stake in township project, earns $15.8m net proceeds

A view of Dong Nai Province, Vietnam.

VinaLand Limited, the direct real estate investment arm of Vietnam’s asset management firm VinaCapital, has offloaded its entire stake in Phu Hoi City, a township project located in southern Dong Nai province, earning $15.8 million net proceeds.

The cash has been collected in full, the fund said, in an announcement on Wednesday.

VinaLand revealed the divestment of the project was worth a total valuation that is 2 per cent over the 30 September 2017 unaudited net asset value. In a separate report, the real estate vehicle said Phu Hoi City accounted for 9.7 per cent of its NAV, which was around $22 million out of $227.4 million.

VinaLand acquired the project, an 84-hectare parcel of land designed for a future residential-township, in 2007.

It is located approximately 27 km east of Ho Chi Minh City’s central business district and 15 km from the proposed Long Thanh International Airport. Site clearance and compensation have already been completed, the fund said.

VinaCapital has been working on a policy to divest from direct real estate holdings, disposing 34 assets under VinaLand prior to Phu Hoi City.

In the third quarter of 2017, VinaLand divested from two projects, My Gia Township and VinaSquare, following a string of disinvestments from residential and mixed use complexes during the year.

The divestments in 2017 generated a total net proceeds worth $153.3 million to the fund.

“Because of continued momentum in the local real estate market and improving foreign interest, market conditions and deal activity in the real estate sector continued to remain steady during the first nine months of 2017,” it said.

Also read:

Vietnam’s VinaCapital to deploy over $100m in PE deals in coming months

Vietnam: Suncity to pick 34% in Hoiana casino project, commits to invest $26.6m

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.